House prices in Britain will be more than 25 per cent higher in five years, with London finally being overtaken by other parts of the country.

Savills, the property company, has forecast that house prices will jump by 9.5 per cent this year across the UK, up from its original estimate of 6.5 per cent, with the property market having “exceeded all expectations”.

While this will be followed by slower growth of 4 per cent in 2015, prices will be 25.7 per cent higher by the end of 2018, up from the previous forecast of 25.2 per cent.